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Will The U.S. Ever Get Out Of Debt

The national debt situation has risen to levels unimaginable and, when it comes down to it, incomprehensible. Who can wrap their heads around a figure of over $13.3 trillion? You see it in writing, but think about what that equates to in real money. With numbers like this, we wonder if the U.S. will ever dig its way out of the abyss vortex it has tumbled into in the past decades.

According to a statement on the U.S. National Debt Clock, the level of national debt has increased an average of $4.11 billion on a daily (yes, that’s daily) basis since September 28, 2007. Yet, spending hums along as if nothing were wrong, despite the government and individuals becoming more highly leveraged by the second.

Some people are wise to the situation and wish for an early demise rather than facing their existing debt or sinking in deeper. The media continues to speculate the result of out of control government spending. The truth is, with government spending at $65 trillion, the point of no return was most likely passed long ago.

The public debt, military and civilian retirement benefits, unfunded Social Security and Medical benefits, and other financial obligations have surpassed $53 trillion. This is almost equivalent to the Gross Domestic Product of the world and four times the GDP of the U.S. Some estimates peg the national debt to increase by $9 trillion by 2019. This means that people will pay taxes of over $100,000 during their working lives to pay for just the interest on this increased debt.

While an economic crisis forces the U.S. to spend more money to get the economy back humming along, the national debt can keep this economy from doing well for several generations. It can even bankrupt the U.S., something that is beyond the understanding of most of us. Current budget cuts do not even put a dent in the current debt figure, especially when some ongoing initiatives, which carry high costs and are not effective, have not been put on hold or cut.

Related posts:

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2. How Inflation Helps The Federal Debt Problem
3. How Deflation Is Making Debt Worse
4. 17 Debt Statistics That Prove We’ve Made Our Children Slaves
5. Countries And Governments With The Most Debt
6. Consumer Debt Statistics
7. Want Out of Credit Card Debt? Rip Up Your Credit Cards
8. College Debt: Debt Statistics For College Graduates
9. How Inflation Affects Consumer Debt
10. How To Get A Degree Without Going Into Debt

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